What version of Premiere Elements are you using and on what computer operating system is it running?
Some possibilities for you to explore
1. Checking out the Graphics that may come with your version.
2. Looking at the Line Tool that comes with the Titler Shapes
3. Looking at Shapes in the Titler
4. Creating your arrow on a transparent background in Photoshop Elements and then importing that as a png into Premiere Elements project.
Please review and then we can fine tune the details if necessary.
Premiere elements 12 / Windows 7